Forex traders always look for trading with brokers that suit their trading needs and preferences. HotForex and Hankotrade are online forex brokers that offer their trading services to traders and investors. HotForex is a highly regulated and trusted forex broker. It is regulated in two tier-1 jurisdictions, three tier-2 jurisdictions, and three tier-4 jurisdictions. On the other hand, Hankotrade is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by HotForex and Hankotrade. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
Hotforex vs Hankotrade: In a Nutshell
Hotforex
Founded in 2010, HFM is one of the renowned forex and CFD brokers offering online trading services worldwide. The broker was previously known and founded as HotForex. HFM provides over 1,000 trading instruments, including forex, commodities, metals, bonds, energies, ETFs, indices, stocks, and cryptos. It is regulated by multiple regulatory authorities, such as the FCA, CySEC, CMA, FSC, SVGFSA, FSA-S, FSCA, and DFSA. HFM has received over 60 industry awards for outstanding performance and offers leverage as high as 1:2000. It boasts about 2.5 million clients from all over the world. To learn more about HFM, you can read our review on HFM (HF Markets).
Risk warning: 71.25% of retail investor accounts lose money
Hotforex Overview
- Founded In: 2010
- Founder: George Koumantaris
- Headquarters: St. Vincent & the Grenadines
- Minimum Deposit: $5
- Maximum Leverage: 1:1000
- Regulations: FCA, DFSA , FSCA ,FSA,CMA
- Trading platform: MT4, MT5, HFM Platform
- Account Types: Cent, Zero, Pro, Premium
- Payment Options:Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, PayRedeem, Skrill, UnionPay, WebMoney
- US Traders: Not Accept
Hankotrade
Founded in 2020, Hankotrade is an online forex and CFD broker. It is an offshore forex broker that offers Cryptocurrencies, indices, and commodities trading services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Hankotrade is as high as 1:500. The broker provides an ECN Plus account with low commissions. There are no extra fees for deposits or withdrawals.
Hankotrade Overview
- Founded In: 2018
- Broker Type: ECN/STP
- Minimum Deposit: between $10 and $100: $10 for STP, $100 for ECN, and $1000 for ECN plus accounts
- Maximum Leverage: 1:500
- Account Types: 4 account types: STP, ECN, and ECN Plus, Islamic Accounts
- Trading Fees: STP account:0.7 Pips spread, ECN account: $2 for Standard lot/per side, and for ECN Plus account: $1 for standard lot/per side
- Regulations: None
- Trading platform: ActTrader (Web+Mobile)
- Payment Options: 8 methods (Bitcoin, Litecoin, Ethereum, True USD, USDC- Bitcoin Cash, Tether, Dogecoin)
- PAMM/ MAM Account: Available
- Bonus: 100% Deposit Bonus
- US Traders: Accepted
Hotforex vs : Hankotrade Features
Hotforex:
- Trading Instruments: 3000+ trading instruments including Forex, Metals, Energies, Indices, Stocks, Commodities, Bonds, ETFS, Cryptos
- Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
- Minimum Deposit: No Minimum Deposit.
- Account Types: Two (Standard, Elitetrader)
- Trading Fees: Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
- PAMM/ MAM:
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Hankotrade
- Trading Instruments: FD Indices, Commodities and Crypto, currencies
- Trading Platforms: Mt4, Web Trading, Mobile
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.7 pips for the STP account, No Commission for the ECN account, and $2 for the ECN Plus account.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction Hankorade): USD, EUR, CAD
- Trading Style Allowed: All include scalping, hedging, news trading, and EA trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 50%
- Margin Call Level: 70%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
Hotforex vs Hankotrade: Pros and Cons
Hotforex Pros & Cons
- Regulated by the CySEC, FCA, FSCA, DFSA, CMA, FSC Mauritius, and FSA Seychelles.
- The Maximum Leverage is as high as 1:2000
- Favorable trading conditions and low spreads - from 0 pips;
- Trading is available on the MT4, MT5, and HFM trading app
- Available trading tools are MT4 premium trader tools, Autochartist, free VPS, etc
- Insurance coverage of up to $5,000,000
- Copy trading via HF Copy.
- Market news, analysis, outlook, and webinars are provided by a dedicated team of analysts.
- Premium Pro account requires a $5000 minimum balance
- To copy trades on HF copy, you need a deposit of €300.
- No micro accounts for European beginner traders.
- No bonuses for EU Clients
- Few account currencies, which is why some clients have to pay for double conversion
- Customer support is closed on weekends.
Hankotrade Pros & Cons
- Maximum Leverage is as high as 1:500
- Faster Trade Execution with ECN/STP Model
- Low Minimum Deposit ($10)
- Tight spreads starting from just 0.0 pips
- Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
- PAMM/MAM accounts are available for interested investors and fund managers.
- Tools like the Economic Calendar, trading calculators, and VPS are provided.
- Demo accounts are available for testing trading strategies.
- Overall Very Low Trading Fees
- Crypto Deposits and Withdrawals available
- Due to the absence of regulatory restrictions, the broker is open to clients worldwide
- Allows Scalping, News trading, EA Trading, and FIFO Trading.
- The Broker is not regulated
- Only crypto deposits and withdrawals are available
- Lack of Educational Resources
- No Investor Protection Scheme
- No Telephone Service Line
- Limited Educational Resources
- NO Ctrader trading platforms
HotForex vs Hankotrade: Side-by-Side Comparison
HotForex Vs Hankotrade: Our Scores and Ratings
We rated both brokers, HotForex and Hankotrade, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
HotForex :
Hankotrade
Final Verdict :
Both HotForex and Hankotrade offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. HotForex is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including FCA , CySEC, CMA, FSC Mauritius, SVGFSA ,FSA -S, FSCA, DFSA. On the other hand, Hankotrade is an unregulated offshore forex broker. HotForex provides Multiple trading platforms including MT4, MT5. On the Contrary, Hankotrade does not offer MT4/MT5. It uses only ActTrader as its trading platform.
As HotForex is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, Hankotrade can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for HotForex, while US traders looking for offshore forex brokers may consider Hankotrade. Trading with offshore forex brokers is risky and not recommended
